The three major A-share indices of Shanghai and Shenzhen opened lower by 0.1% to 0.2%, with SMIC opening nearly 2% lower after earnings

The central parity rate of the RMB against the US dollar was raised by 20 points today, reported at 6.9438 per US dollar, reaching a new high since May 11, 2023. The People's Bank of China today (11th) conducted a 7-day reverse repurchase operation of 78.5 billion RMB in the open market, with the operation rate remaining at 1.4%; it also conducted a 14-day reverse repurchase operation of 400 billion RMB. Today, 75 billion RMB of reverse repos are maturing, resulting in a net injection of 403.5 billion RMB for the day.

The three major A-share indices opened lower. The SSE Index opened at 4,124 points, down 0.1% or 3 points. The Shenzhen Index opened at 14,186 points, down 23 points or 0.2%. The ChiNext Index opened at 3,312 points, down 7 points or 0.2%.

Domestic bank stocks, Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH), opened up 0.3% and 0.1%, respectively. In addition, CATL (300750.SZ) opened up 0.5%. BYD (002594.SZ) opened flat.

Chip-related stocks were soft, with SMIC A (688981.SH) opening down 1.9%, with its net profit for the fourth quarter of 2025 down 9.9% year-on-year and quarter-on-quarter; up 60.7% year-on-year. Hua Hong (688347.SH) opened down 0.1%. AI chip stock Cambricon (688256.SH) opened down 1.1%. Moore Threads (688795.SH) open-sourced TileLang-MUSA, with its stock price opening down 0.9%